GlobalCapital’s Covered Bond Awards 2025: the winners

Organisations from across the covered bond market came together in Seville on Thursday to celebrate their successes over the preceding year at GlobalCapital’s annual awards dinner.

The GlobalCapital Covered Bond Awards celebrated the most notable market achievements in the period between August 1, 2024 and June 1, 2025.

Over the past year, the covered bond market has once again demonstrated its resilience, adapting to interest rate uncertainty and evolving investor expectations. Covered bonds have continued to serve as a trusted and stable funding instrument for both new entrants and long-standing issuers alike.

The nominees and winners of the GlobalCapital Covered Bond Awards are decided by the industry itself, by vote. This means the winners are those their clients and counterparts consider the very best.

The exceptions to the polled categories are the Lifetime Achievement Awards, which are selected by the GlobalCapital editorial team, following nominations and market soundings.

This year, we are proud to present Colin Chen with the Lifetime Achievement Award posthumously. Widely respected by colleagues and peers alike, Colin was recognised for his leadership and long-standing contribution to the global covered bond market. His legacy has left a meaningful mark on the industry, and he will be missed.

Steffen Dahmer, our other Lifetime Achievement Winner was recognised in Seville for his outstanding contribution to the development of the covered bond market, as well as his dedication to fostering innovation and supporting issuers and investors alike.

Congratulations to all our winners and nominees, and huge thanks to all those who took the time to vote in the poll. The full list of winners and nominees is below.

Click here to download a PDF of the winners.

Lifetime Achievement Award

Colin Chen

Steffen Dahmer, JP Morgan

If you have any queries about the Awards, please contact Ekta Kharat .

For information on commercial opportunities related to the Awards, please contact Jack Thomson.